Tax Sound Bytes: Scoping out the stock buyback tax

In the sixth episode of Tax Sound Bytes, a podcast series from the Tax Practice Group covering issues affecting federal and international tax, host and Eversheds Sutherland Associate Mary Kate Nicholson speaks with Partner Xenia Garofalo concerning the stock buyback tax. The stock buyback tax, a nondeductible 1% excise tax on the repurchase of corporate stock, was recently enacted as part of the Inflation Reduction Act, which President Biden signed into law on August 16. You can read Xenia’s in-depth article about the stock buyback tax in Law360, as well as more commentary from our Tax Practice Group on provisions of the Inflation Reduction Act here. During this episode, Xenia and Mary Kate discuss who the tax is imposed on, its various implications and how exceptions apply. Continuing tradition, their conversation concludes with Mary Kate’s favorite nontax question – if there was a book you could read over again for the very first time, what book would that be? To stay up-to-date on the digital tax information you need to know for your business, subscribe to our Digital Taxation mailing list to receive updates from Digital Tax Bytes on a weekly basis.